Monday, October 31, 2011
Quick! Get on the ladder before it’s too late!
Mortgage companies have refused to amend their age-related criteria after the scrapping of the default retirement age (DRA), experts have said. The discrepancy means that a prospective borrower in their mid forties may have a limited choice of mortgages with a 25-year term, despite the fact that they are likely to work well beyond the age of 65. "It is unfair," said Paul Green from Saga. "Mortgage companies should be taking into account people's ability to repay." He said that lenders had a "computer says no attitude" and that he would expect to see a legal challenge on the age limits in the future.